Novartis CFO Harry Kirsch. Photo: Ruben Sprich/AFP via Getty Images

The new FDA-approved drug from Amgen and Novartis that treats migraines, Aimovig, is the perfect example of why being the first in line for any new drug approval is so important.

Why it matters: Getting out of the gate first and pricing below independent cost-effectiveness estimates may give the pharmaceutical giants the upper hand even once the other migraine drugs hit the market.

How it happens:

  • Eli Lilly, Teva Pharmaceuticals and Alder Biopharmaceuticals are each coming out with their own versions of similar medications.
  • Amgen set the list price of Aimovig at $6,900 annually (an amount that doesn’t reflect discounts or rebates), which was about 30% less than what Wall Street expected, per Damian Garde at STAT.
  • “The first-mover advantage for (Amgen and Novartis) will allow for them to frame the payer discussions and gain initial traction in the marketplace,” Vamil Divan of Credit Suisse wrote to investors.
  • Amgen will “ultimately retain 35–40% market share long-term” because it was first, and could lead to $1.8 billion of peak annual sales, Geoffrey Porges of Leerink Partners said in an investor note.

Go deeper: Researchers continue seeking new clues on how heredity may play a role in migraines.

Go deeper

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 21,020,216 — Total deaths: 761,393— Total recoveries: 13,048,303Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,289,323 — Total deaths: 167,948 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health.
  4. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.

Facebook goes after Apple

Illustration: Lazaro Gamio/Axios

Facebook is seeking to force a face-off with Apple over its 30% in-app purchase commission fee, which Facebook suggests hurts small businesses struggling to get by during the pandemic.

The big picture: Facebook has never publicly gone after Apple, a key strategic partner, this aggressively. Both companies face antitrust scrutiny, which in Apple's case has centered on the very fee structure Facebook is now attacking.